AARP Life Insurance Review

The AARP Life Insurance are underwritten by the New York Life group division and rates are significantly higher than NYL policies sold by their agents in the open market. If you’re an AARP member, you can purchase term life or permanent life insurance without taking a medical exam, which makes it an option if you have health conditions. The AARP advocates for older people and has more than 37 million members. Anyone can join, but life insurance availability is limited to members 50 or older. Online quotes are available for all policies and you can submit an application on the website.

Pros

• No medical exams required.
• Anyone age 50 and up can buy life insurance through AARP membership.
• Options for no-exam term and permanent life insurance policies
• Final expense insurance is available
• Child whole life insurance

Cons

• Only three policy types available
• Term life insurance premiums rise every five years.
• Anyone that is even moderately healthy

Rating: 3.5

Types of AARP Life Insurance

Term life insurance offers coverage over a fixed period of time, or term. During the period, premiums increase as you enter into the next five-year age band. This can make budgeting unpredictable. The AARP program features permanent and term life insurance with simplified underwriting, which means applicants answer health questions but do not have to undergo a medical exam to qualify. Only AARP members and their spouses can apply for policies, but anyone who meets the age requirement can join when they apply by signing up for the $16 annual membership.

Term life insurance

AARP members ages 50 to 74 and their spouses ages 45 to 74 can apply, and the coverage can last until the insured’s 80th birthday. You can get $10,000 to $150,000 in coverage ($100,000 in Montana and New York) when you apply online. although higher amounts are available by calling New York Life. AARP offers term and whole life insurance without a medical exam, which can make it easier to get approved for coverage if you have pre-existing conditions.

AARP whole life insurance

AARP members ages 50 to 80 and their spouses ages 45 to 80 can apply. Whole life insurance is a type of permanent life insurance coverage that protects you for life, as long as you pay the premium. AARP offers relatively small whole life insurance policies that are often used to cover end-of-life expenses, such as funeral arrangements, final medical bills, and unpaid debt. Whole life insurance is usually more expensive than term life coverage.

Guaranteed acceptance whole life insurance

AARP members ages 50 to 80 and their spouses ages 45 to 80 can apply. AARP’s Guaranteed Acceptance Life Insurance policy builds cash value, which can be withdrawn or borrowed if you need to access money while you are still living. Acceptance is guaranteed, and no health questions are required for approval. Benefits within the first two years are also limited. If you pass away during that period, your beneficiary will not receive the full death benefit. Up to $25,000 of coverage is featured, but higher coverage options are available by calling New York Life.

AARP’s Life Insurance Riders

Life insurance riders are endorsements that can extend or expand your coverage. AARP doesn’t offer much in the way of riders, but does make the following benefits available:

Term Rider

When you add the Term Rider Protect Plus, it raises your coverage limits for a specified period of time. AARP’s Term Rider allows you to add a second term life policy to your current life insurance policy. Adding a second policy provides protection until the term ends, until age 80. You can apply for any amount of coverage between $2,500 and your current coverage limit, as long as your total coverage doesn’t exceed $150,000.

Terminal Illness Rider

The Term Rider Protect Plus is a terminal illness rider. This accelerated benefit rider (ABR) is included on all of AARP’s policies. The rider is only available on guaranteed issue policies after the first two years of coverage. If you get diagnosed with a qualifying illness and are given less than two years to live, you can withdraw up to 50% of your death benefit and use the money for any purpose.

Waiver of Premium for Nursing Home Stays

Another feature of the Term Rider Protect Plus is a waiver of premium rider, specifically for nursing home stays. If you are living in a nursing home under doctor’s orders and for a qualified reason, this rider will waive your life insurance premiums after you have been in the nursing home for 180 consecutive days.

Customer Service

To contact the AARP Life Insurance Program, you can call the toll-free customer service number at (800) 607-6957. The company’s business hours are Monday through Friday from 8 a.m. to 8 p.m. ET and Saturday from 9 a.m. to 5 p.m. ET. You can also call New York Life directly at (800) 288-9858 between 8 a.m. and 8 p.m. if you have questions about applying for coverage through AARP.

Quick Facts

• Location of AARP headquarters: Washington, D.C.
• Assets of New York Life: $702 billion
• How to buy AARP life insurance: You can purchase an AARP life insurance policy by calling the company’s toll-free phone number. You can also get a quote and start your application online.

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